Nifty 50 opened on a positive note with a gap-up of 48.25 pts (+0.22%). Although the index initially dipped in the first few minutes, it found support at yesterday's low and subsequently recovered from the previous day's decline, moving within yesterday's range.
As the trading day wrapped up, Nifty 50 concluded at 21743.25, with a gain of 127.20 pts or +0.59%.
- Nifty 50 in the daily time frame has no signs of trend and continues to move within a range.
- 22000 continues to pose a struggle for the bulls. Click here to read a detailed analysis.
- Until we see a decisive close above 22000, we maintain a mildly bearish to sideways stance.
Below is the Top Mover from our Live Market Feed:
- HPL (+2.83%)
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Under the most popular configuration:
- Both ‘Quick Short’ and ‘Back Up’ ended the day with an impressive return of +3.42% & +3.07% respectively.
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Here is the today's top position that closed and met its target:
- ICICIGI (+20.1% in 27 days)
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Coming back to the report…
The highest CE OI is 22000, and the PE is at 21500 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
The immediate resistance for the upcoming session is around the 21850 level. Conversely, 21600 will serve as support.
It seems that the index is confined within a range of 21850 to 21600 in lower time frames. We maintain a sideways stance in lower time frames as long as neither of these levels is breached.
Disclaimer: The opinions expressed in this blog are personal views and should not be considered financial advice. Please do your own research and consult with a professional before you make any investment decisions.